Listed software developer ServTech Global has halted trading on the ASX halt while it prepares for an acquisition.
ServTech’s website styles it as a service provider, but recent ASX filings suggest its activities are focused on software development for “renowned national and international businesses” and that specialises in PHP, mobile apps and software testing.
The company issued a quarterly update [PDF] on 17 January in which it detailed efforts to return to positive cashflow, among them “identification and assessment of potential complimentary projects and acquisitions.” The update also stated the board’s belief that if it could land one more deal of a size to compare with current engagements, the company would be cashflow-positive.
Now it appears a deal has been all-but-secured, as today’s filing [PDF] says the trading halt was put in place to allow the announcement of an acquisition.
News of the deal is expected before the ASX opens on Wednesday, 23 January.
ServTech Shares traded at $0.015 at the time of writing.